Skip to main content

Featured

Regulatory Warnings Ignored: Canadian Arm of China's Largest Bank Faces Scrutiny

The Canadian subsidiary of the Industrial and Commercial Bank of China (ICBC), the world's largest bank, has come under fire for repeatedly violating anti-money laundering regulations. Despite multiple warnings from Canada's financial intelligence unit, FINTRAC, the bank failed to address critical compliance issues. These included neglecting to file suspicious transaction reports and not treating high-risk activities with the required level of scrutiny. A routine audit in 2019 revealed several administrative violations, leading to a fine of $701,250 issued in 2021. The violations highlight systemic lapses in the bank's financial crime compliance controls, raising concerns about its commitment to combating money laundering and terrorist financing. The case underscores the importance of robust regulatory oversight and the need for financial institutions to prioritize compliance to maintain the integrity of the financial system.
Post a Comment
Read more

article

Labels

New Federal Commission Could Uncover Hundreds of Miscarriages of Justice

 


A newly established independent commission, set up by the federal government to review potential wrongful convictions, is expected to receive a surge of applications from inmates who may have been imprisoned for crimes they did not commit. Early indications suggest the body could see hundreds of cases, reflecting a hidden crisis within the justice system.

Senator Kim Pate, a well‐known advocate for the wrongfully convicted, noted that similar review bodies abroad have discovered that the number of wrongful convictions is far higher than initially believed. “The degree of wrongful convictions certainly was much more significant than they knew,” she remarked, underscoring the urgent need for a systematic reexamination of past cases .

Tasked with scrutinizing past convictions for fresh evidence and legal errors, the commission will work independently from both law enforcement and the courts. Its mandate is to identify cases where new and significant information was either overlooked or has since come to light—information that could potentially alter verdicts or open the door for retrials. Officials believe that a proactive approach is essential not only to correct individual miscarriages of justice but also to pinpoint systemic issues that may have led to widespread wrongful convictions.

If the commission’s investigations reveal compelling evidence of errors, cases may be referred back to the courts for a fresh appeal or a new trial. Such actions could free individuals who have spent years behind bars for crimes they did not commit, restoring public confidence in the criminal justice system. The move mirrors successful initiatives in other countries that have unearthed a higher incidence of wrongful convictions than previously estimated.

With the commission gearing up for its first round of case reviews, legal experts and advocacy groups are watching closely. Many hope that this new federal body will serve as a vital corrective mechanism, ensuring that justice is not only done but seen to be done for all citizens.

Labels:

Comments

Post a Comment